CONSUMER STAPLES: Reckitt; 1Q25 (to March) results

• RES 4: $3106.8 - 2.764 proj of the Nov 14 - Dec 12 - 19 price swing    
• RES 3: $3100.0 - Round number resistance 
• RES 2: $3079.2 - 2.618 proj of the Nov 14 - Dec 12 - 19 price swing
• RES 1: $3057.5 - High Mar 20 
• PRICE: $3026.0 @ 07:25 GMT Mar 24 
• SUP 1: $2999.5 - Low Mar 18 
• SUP 2: $2960.0/2879.2 - 20-day EMA / 50-day EMA
• SUP 3: $2832.7 - Low Feb 28 and key support
• SUP 4: $2758.3 - Low Jan 30

A clear uptrend in Gold is intact and last week’s resumption of the bull cycle reinforces current conditions. The yellow metal is holding on to the bulk of its recent gains. Last Thursday’s fresh trend high reinforces the bull theme and sights are on $3079.2 next, a Fibonacci projection. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Support is at $2962.0, the 20-day EMA.

• A Gap lower for Bund Overnight, after Equities gapped higher on reports that the {us} White House is looking to narrow its tariffs on the 2nd April, although these are still fluid and unclear.
• Nonetheless, for the German contract, it is still trading within the 78 ticks range registered in the past 4 sessions.
• The small support moves up to 127.88, followed by 127.45.
• The Opening gap is up to 128.48, while the main initial resistance sits at 128.83.
• It is a busy start for the Week on the Data front, with prelim PMIs on both sides of the Pond.
• SUPPLY: EU €2.5bn 2030 (equates to 23.7k Bobl), €2.5bn 2044 (equates to 33.5k Bund) these could somewhat weigh into the bidding deadline.
• SPEAKERS: ECB Holzmann, Makhlouf, Escriva.

• RES 4: $79.98 -  High Jan 15 and a reversal trigger  
• RES 3: $76.78 - High Feb 11 and a bull trigger 
• RES 2: $74.76 - High Feb 25
• RES 1: $72.82 - 50-day EMA and a pivot resistance           
• PRICE: $72.17 @ 07:09 GMT Mar 24   
• SUP 1: $68.33 - Low Mar 5 and the bear trigger  
• SUP 2: $67.87 - Low Sep 10 ‘24 and a key medium-term support
• SUP 3: $66.36 1.618 proj of the Jan 15 - Feb 4 - 11 price swing
• SUP 4: $63.90 2.000 proj of the Jan 15 - Feb 4 - 11 price swing

Brent futures are trading at their recent highs. The recovery that started Mar 5 appears corrective and the primary trend direction remains down. Moving average studies are in a bear-mode position highlighting a dominant downtrend. A resumption of weakness would signal scope for a move towards $67.87, the Sep 10 2024 low. On the upside, initial firm resistance to watch is $72.82, the 50-day EMA.